ANN ARBOR, Mich., Dec. 21, 2011 /PRNewswire/ -- Adeona
Pharmaceuticals, Inc. (NYSE Amex: AEN), (the "Company") announced
today that the Board of Directors has taken several actions to
prioritize the Company's focus on its recent entry into the
emerging field of synthetic biology. As previously announced on
November 22, 2011, the Company and
Intrexon Corporation ("Intrexon") entered into a worldwide
exclusive channel collaboration for the development and
commercialization of a synthetic DNA-based therapy to treat
pulmonary arterial hypertension (PAH). Today's announcements are
the result of the Company's new primary focus and include the
following changes approved by the Board:
- A proposed name change of the Company to Synthetic Biologics,
Inc., to better reflect its new mission and primary business,
subject to the filing of necessary regulatory documents and
stockholder approval.
- The recruitment and appointment of John
Monahan, Ph.D., as the Company's Senior Vice President of
Research & Development.
Dr. Monahan is an experienced CEO-level executive of biotech
companies focused on gene medicine and pharmaceutical companies
with biotechnology research departments. He has created and
directed a number of successful teams that excelled in these
companies. Most recently, Dr. Monahan founded and built Avigen,
Inc., a biotech company that pioneered and led the development of
gene medicines based on AAV vectors, now an industry standard. Over
a 12 year period as CEO of Avigen, he took the company public
through its IPO and raised over $235
million. He led the company through a number of gene
medicine Investigational New Drug (IND) applications and exited the
company leaving a cash position of $100
million and a new management team that he grew over the
years. Prior to founding Avigen, Dr. Monahan served as Vice
President - Research and Development at Somatix, another pioneering
gene medicine company, Director, Molecular & Cell Biology at
Triton Biosciences (since merged with Berlex Laboratories),
Research Group Chief, Department of Molecular Genetics at
Hoffmann-LaRoche, Inc. and Adjunct Assistant Professor, Department
of Cell Biology at New York University.
Dr. Monahan was also a pioneer in gene cloning and holds the
distinction as the second person in the world to clone a gene mRNA
sequence (Chick Ovalbumin).
- The Company has established a satellite office in Northern Virginia, to further facilitate the
Company's focus on synthetic DNA-based therapeutics, the
collaboration between the employees of the Company and Intrexon,
and the relationship with the Company's regulatory
consultants.
Commenting on today's announcements, the Company's Chairman,
Jeffrey Riley stated, "These changes
should better enable the Company to concentrate its efforts and
build core competencies in the emerging field of synthetic biology
and DNA-based human therapeutics, areas in their infancy with
extraordinary potential."
"By overcoming many of the technical obstacles that limited
traditional gene medicine approaches, synthetic DNA-based biologics
may allow us to optimize the delivery of therapeutic proteins in a
safe, controlled and localized fashion never before possible. In
turn, this may provide physicians the ability to radically
transform the way in which many serious diseases can be treated. I
am pleased to be joining the Company, and to be a part of this
innovative new effort and area," stated John Monahan, Ph.D., the Company's Senior Vice
President of Research & Development.
James S. Kuo, M.D., M.B.A., Chief
Executive Officer of the Company stated, "I am grateful to the
Board of Directors for accepting and backing the new vision for the
future direction of the Company. This represents an exciting time
for the Company and one that I expect will be a great opportunity
for our shareholders."
In connection with the proposed name change, the Company has
filed a preliminary proxy statement with the Securities and
Exchange Commission, which following approval will permit the
Company to print and mail proxy materials for the scheduled Special
Meeting of Stockholders to be held on February 15, 2012 to vote on the proposed name
change. The record date for stockholders entitled to vote at this
Special Meeting has been set as December 19,
2011.
The Company's ongoing and planned clinical trials of Trimesta™
(estriol) for multiple sclerosis are expected to continue and the
Company's planned clinical trial of AEN-100 (modified release zinc)
for amyotrophic lateral sclerosis (ALS) is also expected to
continue. In addition, the Company intends to seek marketing
partners for its marketable zinc-based products reaZin™ and
wellZin™.
About Adeona Pharmaceuticals, Inc.
Adeona is a biotechnology company focused on the development of
synthetic DNA-based therapeutics and innovative disease-modifying
medicines for serious illnesses. Adeona is developing, or has
partnered the development of, product candidates to treat pulmonary
arterial hypertension, relapses in multiple sclerosis, cognitive
dysfunction in multiple sclerosis, fibromyalgia and amyotrophic
lateral sclerosis (ALS). For more information, please visit
Adeona's website at www.adeonapharma.com.
Synthetic Biologics is a trademark of Adeona Pharmaceuticals,
Inc.
This release includes forward-looking statements on Adeona's
current expectations and projections about future events. In some
cases forward-looking statements can be identified by terminology
such as "may," "could," "potential," "positions," "continue,"
"expects," "anticipates," "intends," "plans," "believe,"
"estimates," and similar expressions. These statements are based
upon current beliefs, expectations and assumptions and are subject
to a number of risks and uncertainties, many of which are difficult
to predict and include statements regarding the intended effects of
the Board's actions, the ability of synthetic DNA-based
biologics to optimize the delivery of therapeutic proteins and
provide physicians with a way to transform the way diseases are
treated, the opportunity for shareholders resulting from our change
in priority, the clinical trials that are expected to continue and
the Company's intention to seek marketing partners for reaZin™ and
wellZin™. The forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from those reflected in Adeona's forward-looking
statements include, among others, the failure of future clinical
trials for our products in the emerging field of synthetic
DNA-based therapeutics to be successful, our failure to
successfully develop and commercialize products in the emerging
field of synthetic DNA-based therapeutics, the failure of our new
products to be accepted by physicians, the failure of the new
products to have their desired results, our inability to find
marketing partners for reaZin™ and wellZin™, the failure of the
changes approved by the Board of Directors to have their desired
results, and other factors described in Adeona's report on Form
10-K for the year ended December 31,
2010 and any other filings with the SEC. The information in
this release is provided only as of the date of this release, and
Adeona undertakes no obligation to update any forward-looking
statements contained in this release on account of new information,
future events, or otherwise, except as required by law.
SOURCE Adeona Pharmaceuticals, Inc.